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Alan Wilkinson on how franchising has fared in 2012 and what it can offer in the year ahead
As we come to the end of what has been another challenging year for the UK economy, we should consider how franchising has fared throughout
Thankfully, the UK has at last come out of a double-dip recession and medium- to long-term forecasts are looking better, if not great, for the year ahead. It is worth noting that the NatWest
Anybody thinking of coming into franchising, therefore, be it as a franchisor who wants to expand their business, or as a franchisee who wants to buy into a tried-and-tested
There are now 929 business format franchises in the UK. This number has continued to rise year on year, with new franchisors recognising the opportunity that franchising offers to expand their businesses into new geographical locations by starting up a franchise. If you have a business which is tried and tested, can be duplicated, is easily learned by somebody with relevant skills, will work in multiple locations around the UK and which generates good profits, then perhaps you should think about franchising it.
We have seen many new concepts enter the franchise
The number of individual franchise units also continues to grow, and now stands at over 40,100. Each year, around 3,000 people decide to purchase a franchise. Most take on new franchises, and some purchase an established business from an outgoing franchisee who wishes to realise their investment and sell up.
If you are somebody considering which franchise brand to buy into, there are many different options. You may choose to look at a
Whatever your preference, a good franchisor should be able to demonstrate how their systems and procedures operate, and have a proven track record in their business, thus increasing your chances of success; 80
One of the major advantages that franchises have over other small businesses is the ability to learn from the best practices of a network of like-minded, self-employed individuals, who, when times get tough, dig deep and look for the opportunities that do present themselves in the marketplace.
We have seen evidence this year of retail franchisors adjusting the type of stock that they hold in order to attract sectors of the market that can afford or need these new products. We have also seen new concepts enter the franchise marketplace to enable them to expand into new markets more quickly than organic growth would usually allow, to take advantage for example of a change of legislation which has created an opportunity, or to bring a new product or service to market quickly.
I believe that the UK economy still has a rocky road